If utility theory doesn’t work, then what does? One alternative is prospect theory, developed by the author. Kahneman’s prospect theory challenges utility theory by showing that when we make choices, we don’t always act in the most rational way. Imagine these two scenarios for example: In the first scenario, you’re given $1,000 and then must choose […]
It is more important to be true to yourself and to be authentic rather than being politically correct from the fear of offending people. But often it takes a lot more grace to shut up than to air your views.
